1、2021AFUNDERystomxFRESCOAgFunderAgriFoodTechInvestmentReport#page#AFUNDERAgFunder is a digitally-nativeventure capital fundWe invest in bold transformationalfoodtech & agtech foundersAgFunder is one of the worlds mostactive foodtech and agtech VCs.Were rethinking venture capitalfor the 21st century.

2、We were born online and with our publication AFN welve built a globalecosystem of 85,000+ subscribers.This gives us one of the most powerful networks to help buildimpactful and important companies. Our research reports are our love letter to the industrySee our portfolio companies:Lear howto on our

3、methodology:weimprove ourdatasetGlobal AgriFoodTechcontinuously， meaning total figures from previous yearsreports will shiftas our dataset becomes more accurate.Inin2021most charts and commentary we include our predictions forwhere totals will land 12 months from now to make ourWhatayearTosayits bee

4、n toughis an understatementandcomparisons more accurate.Weve based this offofpatternsfrom inbound data across previous years.for anyone who has been affected by the Covid-19 pandemicwere thinking ofyouAs we observed in our Mid-Year reviewnow is thetime toinvest in agrifoodtech. The Covid-19 pandemic

5、 hasYet for agrifoodtech，its been a blow-out year Startupshighlighted the importance ofefficient supply chains andraised $26.1billion in 2020.a15.5%year-over-year increase，selling food to consumers.Innovations inthe midstream-2020 deals come to light. This would represent 34.5%growthbetweenfarmer an

6、dretailer-gota much-neededinvestmentover 2019.boost Fooddelivery gained new ground for obviousMuch oftheincrease was down tosigniicant growth in late-reasons，especially eGrocery，and we saw more investmentstage deals，where we sawinvestors doubling down on theiractivity in Cloud Retailtechnologies sup

7、porting at-homeexisting portfolio and the first-wave ofagrifoodtechdining.Trends towards foodalternatives. particularly intheinnovations. Impossible Foods $500m and S200m roundsprotein space，continued unabated as consumers ask moreareacasein point.But positively，wealso saw early-stagequestions about

8、 the origins of their food.deals get biggeras the second wave ofagrifoodtechThankyouforreading andas everwere always opentoinnovators enjoy increasing sector recognition by a wideningfeedbackandquestions.Louisa Burwood-Taylor and the AgFunder teamAZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.C

9、OM#page#SPECIAL THANKSCover &Section ImagesSpecialthanks to our portfolio companies who contributedimages to this yearsreportURB-Eis building the future of last mileLavvais one ofthe mostdeliveryusing electricscootertech tonutritious plant-based yogurts onbring fastclean，and affordable same-daygroce

10、ry shelves today,with morethan 50 billion live，veganworld.probiotics to support gut health，Learn moreLearn moreTevelis developing flying， autonomousfruit pickers,starting with the appleindustry,to solve majorlabor challenges.Yes. thats flying robotslLearn moreAtomo Coffee has molecularly mappedconve

11、ntionalcoffee andis rebuilding itystomxfromthe atom up by upcycling plant wasteon its mission to reduce the environmentaimpactofcoffee production.Learn moreFYTO is developing novel nutrientdense， non-GMO crops with ultra highJuisto isafull-stackfresheGroceryretailerbasedinyields and exceptionalnutri

12、ent profilesMexico.lts founders came from Cabify (Lyft of LatAm） andusingautomated culivationandGroupon and have built a company thatgrew 16x in 2020.harvestingsystems.Learn moreLearn moreAZFUNDER2021AGRIFOODTECHINVESTMENT REPORTIAGFUNDER.COM#page#2020Overviewnageco#page#AgriFoodTech Funding Breakdo

13、wn 2020$26.1bn3093*2789S1.6bn2707S30.5bn*INVESTMENTPREDICTEDDEALSPROJECTEDUNIQUELAROE8TTOTALDEALTOTAL DEALSINVESTORSINVESTMENTUpstreamDownstreamAg Biotech，Farm Management SW.Farm Robotics & EquipmentIn-store Restaurant& RetailOnline Restaurants&Mealkits，Bioenergy& Biomaterials, NovelFarmingAgribusin

14、ess MarketplaceseGrocery，Restaurant Marketplaces，Home&CookingMidstream，Innovative Food$15.8bn*S14.3bn*INVESTMENTINVESTMENT1950*1142*DEALSDEALS$1.6bn$800mLAROEST DEALLAROEST DEALAFUNDER#page#YEAR-IN-REVIEWKey InsightsInvestment upstream-in startups closer tothe farm andKey category moves:away from th

15、e consumer- surpassed downstreaminvestmentforthefirsttimeinsevenyears.Upstream investmentincreased68%YoYto $15.8bn，surpassing downstream investment(S14.3bn）fortheWhile investors continued to support important downstreamfirst time on record.categories such as eGrocery， they became morecomfortable wit

16、h upstream food production categories，Investmentin Innovative Foodstartupsdoubledtomany ofwhich had Covid-19-related appeal$2.3bn，driven byaltprotein startups as consumersThe $15.8 billion invested upstream was driven by theMidstream Tech and Innovative Food categories，whichMidstream Tech companies

17、raised $5.3bn andclosedraised $5.3 billion and $2.3 bilion respectively30%more deals YoY-including S1.6bn for LineageLogistics-as investors supported an efficient supplychainwas enhanced by a whopping $1.6bn deal for cold chaintech company Lineage Logistics thecategory still closedAg Biotech lost ma

18、rket share but stillraised$1.6bn，anearly 30%more deals than in 2019.Meanwhile，investment in Innovative Food startups doubledeGrocery startups raised $5.1bn as severalcompanies raised multiple rounds during theyeartosupportthe aggressive demand brought on bytheWhile losing marketshareto both categori

19、esAg Biotechpandemic.still grew significantly in its own right closing nearly 70%more deals and raising 60%in dollars.basedonprgjededtotalsAZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM#page#YEAR-IN-REVIEWKey Insights*Agrifoodtech is no longeran early-stage industry.The firstItwas exciting

20、to see earlier-stage companies raise largerwave ofinnovators across categories are maturing androunds than the firstwave ofinnovators.With talent movingfrom first wave companies to secondwe expect the sectorraising larger growth stage rounds.to accelerate rapidly.The median deal size forgrowth and l

21、ate-stage roundsJaK-aAoeaK kaadsl %Llpue %6 paseau！Early-stage activity increases“Agrifoodtech is no longer a nicheexperimental and risky sector.Early-stage agrifoodtech investing continued itsMedian deal-size growth signalsgrowth trendin 2020 with 10% more dollarsmaturity of first wave innovation.i

22、nvested,15%more deals closedanda10%increasein median deal size atthe seedand SeriesThe increase in median deal sizes was also reflected in theAstages.This buckedaretreat in early-stagewider global venture capital markets,according toinvesting in thewider VC marketVenturePulse reportthough not as acu

23、tely.That positive trendapplied only to upstreamThe fact that lmpossible Foodswas able to quickly raisestartups,which closed 30% more deals and nearlyS500m atthe very start ofthe pandemic when uncertainty50%more dollars YoY.Downstreamactivitywas high indicates the strength ofinvestor conviction in t

24、hedecreased，driven bya 15% declinein Retail 8category.Italso points to how the breadth ofcapitalRestauranttech dealactivity andanearly 50%dropavailable to foodtech startups has evolved.in dollarfunding to Home & Cooking techbasedonprgjecedttalsAZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM#

25、page#YEAR-IN-REVIEWKey Insights*Investmentin US companiesregained market sharein 2020Investment by Geographyto 37%ofdealactivityand 51% ofdollars committed(upfrom34% and 44% respectively).This bucked the trend ofUSstartupsraised $15.45bnin 2020，a56%YoYthelastfawyearswhereothergeographiesattractedmor

26、eincrease and30% YoY rise in numberofdealssubstantial investment from domestic and overseasregaining globalmarketshareinvestors as agrifoodtech ecosystems developed.China remained in the number two spot because ofThereturn ofcapital to the US could bea slight flighttoSafety in thewake ofthe pandemic

27、aswellasinvestorsthough it closed 21%fewer deals YoYtheir portfolios, with US companies like Lineage Logistics，The UK continues to lead the European regionImpossible Foods， and Nuro raising $500m+ rounds.Thosedespite Brexit-relateduncertainty.deals didnot skew the analysis asthere was alsoa30%Africa

28、 closed more deals(+30%) butraised 50% lessyear-overyearincreasein the numberofdealsin the US.dollars dueto its young and early-stage marketChina lost market sharein dealactivity terms with a21%Colombia reached the top 15 because Rappi，itsdrop in the number of deals. But some huge deals forunicorn l

29、ast mile delivery platformraised S300m indownstream services，particularly eGrocery，drovea58%laststagefundingyear-over-yearincreasein investmenttotals.China closedmega-dealsin several sectors outside ofagrifood too，Asia closed 7%more deals YoYaccording to VenturePulseDeal activity and investment in E

30、urope remained relativelyunchanged YoY,with just a slight 5% increasein the numberof deals closed.basedon projecedtotalsAZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM#page#YEAR-IN-REVIEWPredictions for 2021and beyondWhilethereisalotofuncertaintyand itfeelslikeanythingeGrocery continues to u

31、pend traditional retail. and phonescould happen in agrifoodtech，we offer a few predictionsforwill overtake store shelves as the primary mode for new2021， starting with the trend forearly-stage businesses toproduct discovery by consumers. The power oftraditionalbrandswill diminishas consumers discove

32、randfavorgo publicvia Special Purpose Acquisition Companies（SPACs）smaller startup brands.The future of animal agricultureSPACS create both a more dynamicexit environmentand the possibilityAnimal Agriculture will increasingly shift towardsof building new high-growth foodregenerative practices，carbon

33、neutrality andCompanies. This will drive early-premium offeringsas plantbased products becomestage investment，create incentivesmore price-competitive and mainstream.for innovation andDairy will retain a strong footing as farms workentrepreneurship，and furthertowards carbon neutrality.accelerate the

34、demise oftheInemerging markets，animalproteins willremainincumbent food companies.dominant (though consumed in significantly smallerquantities than developed markets)owing to priceand traditionalfarming practices.ACFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM10#page#Upstream + DownstreamYEAR

35、IN REVIEWAnnual Financings|2012-2020CurrenttotalasofFeb15，2021$30.5BProjectedincrease from reporting latency$26.1B522.6B520.28$12.28510.6888.9856.4B200020ZFUNDERAZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM#page#Upstream/DownstreamYEARIN REVIEWProjected Annual Financi

36、ngs|2012-2020$15.8bnDownstream316BUpstream514.3bn$14B$12B10B8B中山$6B8力s$2B80s20001520182020A2FUNDERAZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM12#page#Upstream/DownstreamYEARIN REVIEWProjected Deal Count| 2012-20201.9502000DownstreamUpstream01.1421000中75050

37、025020001520192020A2FUNDERAZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM13#page#UpstreamyDownstreamYEARIN REVIEWMedian Deal Size|2012-2020DownstreamS2.33mUpstreamS2.0MS1.65mS1.5MS1.0M30.5MS0.0M20001520162019AFUNDER2021AGRIFOODTECH INVESTMENT REPOR

38、TIAGFUNDER.COM14#page#城DealsbyCaregoryTesyofTevelImage cou#page#WHAT IS ACRIFOODTECH？AgriFoodTech Category Definitionslnnovative FoodAg BiotechnologyCulturedmeatnoveltngredients，plant-basedOnfarm inputs for crop&animalag including genetics，microbiome，breeding，animalhealth.proteins.Agribusiness Marke

39、tplacesIn-Store Retail& Restaurant TechCommodities trading platforms online inputShelf-stacking robots,3D foodprinters,POS systemsfoodwaste monitoring loT.Bioenergy&BiomaterialsRestaurant MarketplacesNon-foodextraction&processing，feedstockOnline tech platformsdelivering food from a widetechnology ca

40、nnabis pharmaceuticalsrange of vendors.Farm Management Software，Sensing& IoTeGroceryOnline stores andmarketplacesforsale& delivery ofAg data capturing devices，decision support software，big data analytics.processed & unprocessed ag products to consumerFarm Robotics，Mechanization &EquipmentHome &Cooki

41、ng TechOn-farmmachinery.automation，dronemanufacturers，Smart kitchen applianeesnutrition technologies，foodtesting devices.growequipment.Midstream TechnologiesOnline Restaurants&MealkitsFoodsafety&traceabiity tech，logistics&transportStartups offering culinary meals and sending preprocessing tech.porti

42、oned ingredients to cook at homeCloud Retail InfrastructureNovel Farming SystemsUpstreamOn-demand enabling techghostIndoorfarms,aquaculture，insect&algae production.Downstreamkitchens，lastmile delivery robots &BothservicesMiscellaneous eg，fintech forfarmersAZFUNDER2021AGRIFOODTECHINVESTMENT REPORTIAG

43、FUNDER.COM0#page#DEALS BY CATEGORY2020 Deal Volume and Activity by Category338S5.1B#DealsFinancing55.3294260202188S2.4BS2.3B131$2.1B$1.9B12010356$1.6B76461.3S879MS772M39S574M$375M$151M380M988A回583店A2FUNDERAZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM#page#DEALS BY CATEGORY2020 AgriFoodTech

44、 InvestmentDMidstream TechnologiesLeGrocer2%293%m Innovative Food20%3%mRetailTechnology4%Restaurant Marketplaces596DCloud Retai InfrastructureUAg Biotechnology6%DNovel Farming SystemsAgribusinessMarketplaces20%UFarmMgmtSw,Sensing &loT964UBioenergy & BiomaterialsOnline Restaurants &Mealkits8%Miscella

45、neous%6Farm Robotics， Mechanization &Other9%Farm EqHome& CookingAFUNDERAZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM18#page#DEALS BY CATEGORYDeal Activity and Volume by Category|2019vs2020Ag Biotech and InnovativeFoodincreasedsubstantially by both dealcount and total dollarsinvested betwee

46、n 2019and2020， Some large deals in theMidstreamcategory，especially Lineage LogisticsS1.6bn roundpushedtotalsup significantly morethandealactivity: howevera30%increase in number of dealsYoY highlights increasinginnovation in the supplychain.The delta for the CloudRetail Infrastructurecategory was ske

47、wed by alarge $400m dealin 2019by Travis KalanicksCloudKitchensAZFUNDER2021AGRIFOODTECHINVESTMENTREPORTIAGFUNDER.COM15#page#DEALS BY CATEGORYCategory Deal Activity 2019 vs 2020In-Store Retail&In-Store Retail&RestaurantTechRestaurant TechInnovativeInnovativeFoodFood423408Midstream22615.8%36213.0%Tech

48、nologies8.4%11.5%MidstreamTechnologieseGrocereGrocer36947329228315.1%13.7%10.9%9.0%23836223008.4%11.2%13561071Farm Mgmt Software，43.1%39.9%Sensing & loTFarm MgmtSoftareSensing &loTRestaurantRestaurantMarketplacesMarketplacesAZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM20#page#UpstreamDEALS

49、 BY CATEGORY宣 Top Ag Biotech Deals黑Top Novel Farming Systems DealsGene editing technologies continue to dominate theThe insectfarming sectorhada bigyear closing multipleleaderboard as biologicals face efficacy challenges.Pivot Biosgrowth-stage rounds,while Infarms differentiatedindoorfertilizer redu

50、cing microbes remain the one to beat.Somefarming business model enabled ittoclose a debtandequitystartups turnedtheir attention towards Covid-19firstclose ofits SeriesCInfamBenson HilS170MS150MInnovaFeedGreenlight BiosdencesS102M$166MPivot BioPlentyinc.S100M$140MYnsectewun人 onH uel$139MS76MMetabolon

51、BrightFarmsS72M$100MYnsectAnuvia Plant NutrientsS60M$65MOerth BioS55MTheKingfishCompany$60NDNA ScriptGotham GreensS50MS45NGothamGreensInscripta，incS50MAscus BiosciencesShenandoah GrowersS46M5377ProviviUnfoldS46M$30NMammoth BiosciencesS45MAppHanestPlantlabEnkoChemS45M$231InariS45MBeewisePure Harvest

52、Smart FarmsevonetixS30M$21MTropic BiosciencesPureGreen FarmsS29M$20Mlron OxBrightseed$20MS27MAScioto BiosciencesBeta HatchS27M519MAcetoFreight Farms315MS21MNewleaf SymbioticsOnePointOne S12MS20MAgFunder portoiocompanyAZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM中#page#UpstreamDEALS BY CATE

53、GORYO Top Innovative Food DealsThe top deals in this table were made byImpossible FoodsS500Msome of alternative proteins very firstlmpossible FoodsS200Mmoversandthe size ofthese dealsisMemphis MeatsS161Mindicative ofthe maturity ofthisindustryPerfectDay FoodsS160Mtoday.The Not CompanyS85M The fact t

54、hat Impossible Foods was able toNatures FyndS80Mquickly raise 5500matthevery startoftheByHeartS70Mpandemic when uncertainty was highMosa MeatS64Mindicates the strength ofinvestor convictionv2foodS54Min this categoryKate FarmsS51MNatures FyndS45M Sizeable raises by Memphis Meats and MosaMeat are inch

55、ing cultured meats and proteinsMycoTechnologyw6escloser to the market Numerous suchAir ProteinS32Mcompanies have recently held high-profileGood Catch532Mtastings and reported production costs in theThe Meatless Farm531Mlow-double and high-single digits-a major Alpha Foods528Maccomplishment in a fiel

56、d reporting per-unitThe Protein BreweryS26Mcosts in the hundreds and thousands ofPuris ProteinsS25Mdollars just afewyears agoEmergy FoodS25MKate FarmsS23MAGFUNDERAgFunderporfoiocompanyAZFUNDER2021AGRIFOODTECHINVESTMENT REPORTIAGFUNDER.COM23#page#UpstreamDEALS BY CATEGORY2e Top Midstream Tech Dealss

57、While the food supply chain showedLineage LogisticsS1,600Mremarkable resilience during 2020，5400MSamsara Networks Incthe pandemic hadadisastrous impactZymergenS300Matvarious pointsin2020.Berkshire GreyS263Mo Dangerous infection rates at meatLeafLink5250Mpacking plants in the USgallons ofApeelScience

58、s5250Mmilkthrown away down drainsYonghui Fresh FoodS153Mproducelefttorotin thefields-theseLine ManS110Mare just some ofthe scarring imagesQuicktron RoboticsS100Mmany willneverforget.GeltorS91M Companies focused on increasingGinkgo BioworksS70Mefficiency in the supply chain sawOutriderS65Msome huge r

59、ounds including LineageGuoquan ShihuiS60MLogistics whopping private equityround for its network ofcold storageParsableS60MfacilitiesandautomatedwarehousesLehe FoodS56Maround the world.DexterityS56MS50MBenchlings Sustainable ingredients suppliers alsofeatured like Zymergen,Geltor，S5OMGuoquan ShihuiGi

60、nkgo Bioworks and Apeel Sciences.LeafLinkS40MAFUNDERAZFUNDER2021AGRIFOODTECHINVESTMENTREPORTIAGFUNDER.COM24#page#UpstreamDEALS BY CATEGORY Top Agribusiness Marketplace DealsTop Farm Managementsw.Sensingltwasachallengingyearforearlystagestartups inthiscategoryAgribusiness marketplaces gatheredpace du

61、ring theyearasanasinvestorsflockedtoless risky easierto understandareas ofessentialmeansforfarmerstoaccess inputsandmarkets fortheirproduce，Indigo made progress with its carbon trading marketresult butdollarinvestmentwill be on parwith 2019 asbut questions remain about its valuation.Farmers Business

62、established names successfulyraised larger growth stageNetwork also enteredthe carbon marketin 2020rounds.XAGIndg5182M$360MICEYEFarmers Business Ne twork587M$250MIndgDroneDeploy$50M3175MDelractAclima$40M$35MSolinftecNinjacart530M$40M店TaranisFrubana$25M530MIndgoSeeTree$25M$30MPredaSARTaniHub517MPhyte

63、chGather Wholesale$12MNtzsSolinftecDeHaat512M520M2）ArableBjakS12M$20MiMeritTndgeS20MS11MKETOSSilo59.0MS18MMyriotaS17MGrainChainS8.2MAnimall$6.0MAerobotics$17M店ArunaS5.5MTelesenseS10MIntferraS10MDeliveristo$5.5MConservisE-FS9.1M$5.3MProcolS4.0MConnectera-S8.8MFarmXSoplaya54.0M$8.8MAZFUNDERAFUNDERAgFu

64、nder portoiocompanyAZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM25#page#DownstreamDEALS BY CATECORY口 Top eGrocery Deals ex-China口 Top eGrocery DealsForallthe momentum the pandemic gaveto online groceryUS-based Instacart held down the e-Grocerfortforthe rest offunding to the sectorwould be

65、a blip ifit werentfor Chinesethe world closing multiple deals in 2020.Indias 1.3 bilioncompanies and consumers.ln all Chinas eGrocery companiespeople areincreasingly adopting online grocerythroughrakedin $2.9billionin2020-57%ofthecategorytotallastyearcompanies like BigBasket.Niche eGrocers,like”ugly

66、 produce”with several companies raising multiple rounds for expansion.sellers Misfits Marketand Imperfect Foods，are also ontheriseInstacartFurongXingshengS225M$700MInstacartYipin FreshS200M$360MMarket KurlyS165MMissFresh e-commerce$306MFreshtohomeS121MDingdong Maicai$300MInstacart$100MInstacart$225M

67、MisfitsMarkethstacart$200MImperfect ProduceS72NTongcheng Life$200MRevolGreensNice Tuan also Shi HuiTan）$196MGrubMarketIncMarket Kury$165MBFreshtohome5121MB552MInstacart$100MMathemS51MNice Tuan (also Shi HuiTan）88MDrzly550NMisfits Market585MInagoraS48NNice Tuan also ShiHuiTan）$81MInstemartNice Tuan (

68、also Shi HuiTan）1580MGorillaslmperfectProduce572MDutchieRevol GreensS68MEazeS35MB560MWeeel835WGrubMarket Inc560MSPUDISustainable Produce530MAZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM26#page#DownstreamDEALS BY CATEGORY Top In-store Retail & Restaurant Tech Top Cloud Retail TechToastwas l

69、ucky to raise ahuge Series Fround just before CovidInvestmentactivity inthis categorywhich enables theathome19hitgiving itavaluation ofs5bn.While many startups in thisdining trend.logically increased with leading deals going toREEFsneighborhoodkitchensand Nuroslastmiledeliveryrobots.somewhat surpris

70、ing to see so much activity in restaurant techREEF TednologyDmall多点生鲜S418MS700MToastNuro$500MS400MRappiKarma Kitchen$300M5316MOrdermarkFabric (was CommonSense.$120M5110MBianlifengMunchOnS100MVivaWalletRebel Foods(wasFAASOS）$50M$83NRebel Foods(wasFAASOS）Fetch Rewards$27MSkipcartLunchr$21M$79MVirtual

71、Ktchen Co.Tabit535MS20MHalanBearRoboticsinc.532MS15MSeatedinnZS30MS9MS7MBentoBox329MHomesomeGreen BitsRebelFoods(wasFAASOS）S5M23MNabisLegion Technologies22MS5MHarn522MiKconS5MRitualONO522MS4M520MCASHDROPLunchbox Technologies$3MDishcraft Robotics520MS3MFood-X TechnologiesWurkZITICITY$19MS2MPopmenu，LL

72、CS17MGrocerKey 1 S2MAZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM27#page#ATOMO!MODealsby StageImage courtesy ofAtomo#page#Upstream & DownstreamDEALS BY STAGEProjected Deals Volume by Stagel2012-2020Growth stage deals(Series B and C）Lateare expectedto total more than $10bn312BGrowhas more d

73、atacomes to light ThatEarlyrepresents a50%increase YoY.Debt0Bms Investors doubled-down on existingportfolios and generalistinvestorsjoined rounds for agrifoodtechs$8Bmaturing companies Early-stage growth was muted-9%onprojectedtotals YoY-which could be6Bdue to Covid-19 creating some riskaversion amo

74、ng investors.日力Shhh$2B100B20001820192020AZFUNDERAZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM29#page#Upstream &DownstreamDEALS BY STAGEDeal Average and Median by StageMedian and average deal sizes differforMedianupstreamand downstreamventures.AvergeAtthe seed and Seri

75、es A stages，thetwotrend closely together in both upstreamand downstream categories.S94MInlaterstagesthedisparitieswiden，asS93Mdownstream ventures tend to take in$83Mbigger funding rounds: there tend to bemore outliers.Thus，downstream roundspull averages up while upstream roundsreign inthe medians.S4

76、9M$38M$27MS15M$10MS1.3M$6.0M$15MS14M$0.5MCDSeedLateDebtAZFUNDERAZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM30#page#Upstream &DownstreamDEALS BY STAGEMedian Round Size by Stage-2012-2020LateGrowhAeS25.0MDobtS20.0MS15.0MiS10.0MS5.0MSO.0M200020201220152FUNDERAZFUNDER202

77、1AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM31#page#DEALS BY STAGETop 15 Seed DealsTop 15 Series A DealsChinese biotech company Tian Huo Yun Maraised anIncontrasttothetop seedstage deals,downsteamexceptionally large seed round.The range oftechnologies atthetechnologies dominated the top Series A dea

78、llist.UK-basedseedstageindluderemotesensing(PredaSAR）altproteinsKarma Kitchen,which provides kitchen spaces to businesses（Climax Foods)eGrocery(Justo） and farm robotics (RootAI）inked $316m in July as itbecameclearthatindoordining wouldnot likely rebound soon.Germanys Gorillas raised $44m toexpand on

79、-demand grocery deliveryTian Huo Yun MaS76MKarma Ktchen5316MPredaSARYonghui Fresh FoodS25MS153MQuadtalentByHeartS20MS70MOnePointOneS12MTheKingfishCompany560MJistoDexterityS12M店S56MGorillasGudangAdaS44MS11MIMAGRS95MEcoGen LaboratoriesS40MJahezAtomo CoffeeS9OM537MShefDelractWe8sS35MChowbusNomagicS8.6M

80、S33MS8OM532MCervestBearRobotics，Inc.Climax FoodsThe Meatless FarmS31MSeatedCrave DeliveryS73MS30MRGAND LLCS73MUnfoldS30MUpstrm57.2MRootAlPoint PickupS30MDownstreamA2FUNDERAFUNDERAgFunder porolocompanyAZFUNDER2021AGRIFOODTECHINVESTMENT REPORTIAGFUNDER.COM32#page#DEALS BY STAGETop 15 Series B DealsTop

81、 15 Series C DealsRobotics and automation venture Berkshire Grey raisedits firstTheSeries Ccharttellsastory ofdemand forhyperlocalandround since in 2013.Kopi Kenangan is boosting Indoneisasfresh foods- both upstream and downstream-from verticaldomestic coffee consumption inamarket known forexportsfa

82、rming in Germany (Infarm）tofresh butdiscounted groceryCuturedmeatcompanies Memphis Meats andMosaMeatdelivery in China(Yipin Fresh）and fresh meats in Indiasignal theyre edging towards commercialization.（Freshtohome）Berkshire GreyFurong XingshengS263MS800MNuroKopiKenanganS209MS500MDmall多点生鲜InnovaFeedS

83、166MS418MMemphisMeatsYipin FreshS360MS161MYonghui Fresh FoodTongcheng LifeS153MS200MRWDC IndustriesNiceTuan （also ShiHuiTan）S133M5196MFabric(was.InfarmS110M5170MBianlifengPerfect Day FoodsS100MS160MGeltorS91MFreshtohomeS121MNiceTuan（also ShiHuiTan）OrdermarkS120MS88MMisfits MarketPivot BioS100MS85MNa

84、tures FyndQuicktron RoboticsS100MS80MICEYEManusBiosynthesisS75MS87MUpstreamOutriderS65MThe Not CompanyS85MDownstreamMosa MeatVivaWalletS83MS55MAZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM33#page#DEALS BY STAGETop Late DealsMany ofthe toplate stagedeals areLineage LogisticsS1.6Bhousehold n

85、ames by now includingFurong XingshengS700MImpossible Foods and Instacart both ofREEF TechnologyS700Mwhich raisedtworounds during theyearZomatoS660Mtoshore up capitaltofacethelmpossible FoodsS500Mpandemic，Samsara Networks IncS400Mms The top three companies are allfocusedDoorDashS400Mon improving effi

86、ciencies in the supplyToastS400Mchain and for the retailer LineageIndigoS360MLogisticss cold chain managementMissFreshe-commerceS306MFurong Xingsheng s logistics forZymergenS300Mcommunity supermarkets，and REEFsRappiS300Mparking lots-turned-ghost kitchensDingdong MaicaiS300Menabling restaurants to se

87、nve moreFarmers Business NetworkS250Mconsumers.Q ApeelSciencesS250M Whilethis chart has traditionally beenInstacartS225Mdominated by downstream companiesImpossible FoodsS200Mits exciting to see how upstreamInstacartS200Mventures have matured and areUpstremXAGS182Mincreasingly able to command largeDo

88、wnstreamIndigoS175Mvaluations.AZFUNDERAgFunder portolocompanyAZFUNDER2021AGRIFOODTECHINVESTMENT REPORTIAGFUNDER.COM34#page#EYHow the food system is being reimagined8Thereisnoescaping Covid-19simpactontheendto-endfoodThese tensions-driven bychanging consumerbehaviors andaecosystemhighlighting how ess

89、ential but fragile itis.Underscoreddesire to be planetfriendly and intrinsicallyconnected-arethebya setof megatrends and theacceleration ofthese trends thattipping pointina shift from scale andsilos toapersonalized andthe pandemic broughtwith ittremendous change is taking placelinked ecosystem.Atthe

90、intersectionofthese paradoxes areacross the foodsystem.Fundamentallyitsbeing reimagined.Butpossible solutions thatcan help foodcompanies identify growthwhat does that mean？ As we consider how forces outsidetheopportunities tothrive today and create long-term value fortheyours？with unique paradoxesSC

91、onsumerInfrastructureTechnology andEnvironmentaldemographicsandtradeinnovationConnected systemConsumer centric Planet friendlyFixPersonalizationBig foodLess carbon11号音具Scalesmall foodFeedMore proteinTrendstowards personalization“Bigfood”isperceivedaslessHealth care R&Dis almostConsumersdemand higher

92、-qualitywhere scale in production remainwholesome and more ethicallyproteinfromfewesuspectthan“smallfood.”the underlying infrastructure.products R&D.Almost halfofall globalNearly two-thirds ofHalf ofUSconsumersThe levelofinvestmentidentify“sustainabilityconsumerssay locallyglobalconsumerswillin inno

93、vative foodmore62%46%50%137%sourcedisamoremake healthier choicewithclimate changethan doubledfrom2019important prioritynowmitigationandadaption.inwhattheybuy.3to2020.1thanitwasinthepast会#page#Dealsby Country#page#DEALS BYGEOGRAPHYGlobal Investment World Map#DealsAFUNDER2021AGRIFOODTECH INVESTMENT RE

94、PORTIAGFUNDER.COM37#page#DEALS BYGEOGRAPHYGlobal Deal Activity by RegionAmericasAsiaEuropeAnca1000euPeO800BA60040020020001820192020AZFUNDERAZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM38#page#INVESTMENT BY GEOGRAPHYGlobal Investment by RegionAmericasAsia$14BEuropeAnca

95、euPeO312BS10B8896Bccnnt日592B80520001820192020A2FUNDERAFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM2#page#DEALS BY COUNTRYTop 20 Countries by Investment#Dealss US companies recovered investmentUnited StatesS13.2B815market share in 2020 bucking the trend ofChinaS4.8B115t

96、he last fewyears when other geographiesaccelerated investmentin theirdevelopingIndia164S1.8Bagrifoodtech ecosystems. This could be aUnited KingdomS118133slightflighttosafetyin thewake ofthepandemic as well as investors doublingFranceS660M39down on previous bets in their portfolios.lsraelS482M57Chine

97、se dealactivity declined but thereCanadaS407M130were some huge deals for downstreamColombiaS359Mservices particularly eGrocery.12S339MIndonesia30 Colombia reached the top 15 withrelatively few deals after Rappi，its unicornS307MGermany38last mile delivery platform raised $300m inNetherlandsS249M27las

98、t stage funding.FinlandS225M11s The UK continues to lead the Europeanregion despite Brexit-related uncertaintyS208MJapan62IrelandS196M8SingaporeS195M41AFUNDERAFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM40#page#DEALS BYGEOGRAPHYU.S.Investments:Number of Deals By State Map815AFUNDER2021AGRIF

99、OODTECH INVESTMENT REPORTIAGFUNDER.COM#page#DEALS BY GEOGRAPHYU.S.Investments:Value of Investments by State Silicon Valley plusanagricultural centerofthe USmakes Californias dominancein agrifoodtech investingno surprise.Aquestion mark remains whether SiliconValley will remain the destination for inv

100、estors and$5.6Bentrepreneurs alike as Covid-19 threw the world intoremote working and many considered cheaper livingbioengineering hard tech (robotics） and deep tech（AI） put Massachusetts in a trailing second place. Sowhat about Michigan？ Lineage Logistics is basedin Novinear Detroitandraised S1.6bn

101、. Miami-based REEF Technology, which raised $700msimilarly placed Florida high in the rankingS1.9B Colorados agrifood tech ecosystem is small butS1.6Bgrowing and highly diversified.S961MS819MS358M$70MS79MS92M$44MS47MS48MKYORIA5MNGAWIPATXVANJWANCCOFLNYMMALLCAAFUNDERAZFUNDER2021AGRIFOODTECHINVESTMENT

102、REPORTIAGFUNDER.COM43#page#VanllaLVanillaMue5AVInvestor ActivityVanilaBhbomAVAImageCourtesyofLawa#page#INVESTOR ACTIVITYMost Active Accelerator FundsRANKINVESTORLOCATION#INVESTMENTS145*YCombinatorMountain View,CA2SOSV40*Princeton NJ36*3GlobalTechStars16500StartupsSan Francisco，CA55Plug& Play Venture

103、sGlobal136SVG Partners/THRIVELos Gatos，CA712Sparklabs Cultiv8Sydney，AustraliaBig Idea VenturesSingapore,New YorkUS10Alchemist Accelerator22286The Yield LabSt Louis,MO，Rosario，Argentina610VentureCatalystsMaharashtra，India910GROW Impact AcceleratorSingaporeTrendlinesTel Aviv.lsrael812RockstartAmsterda

104、m，NetherlandsindudesionfundceleratosdorfolAZFUNDER2021AGRIFOODTECHINVESTMENT REPORTIAGFUNDER.COM#page#INVESTOR ACTIVITYMost Active Venture Capital Fund ManagersRANKINVESTORLOCATION#INVESTMENTS371S2G VenturesChicago，IL化沪221AgFunderSan Francisco，CA319Unovis (New Crop Capital）NewYorkNY417TemasekSingapo

105、re55CrowdcubeLondon. UK614Innova MemphisMemphis,Tennessee711Brussels, BelgiumAstanor VenturesAlexandria Venture InvestmentsDurham，NCCPT CapitalLondon UK108Blue Horizon VenturesZurich，SwitzerlandGGV CapitalMenlo Park，CAStray Dog CapitalLeawood,KSPrelude VenturesSan Francisco，CAOmnivoreMumbai IN99Sequ

106、oia Capital ChinaBeijing， ChinaFinistere VenturesSan Diego，CA810Horizons VenturesHong Kong，ChinaShenzhen，ChinaTencent HoldingsNewYorkNYOspraie Ag Sciences711NewYorkNYTiger Global ManagementBerlin，GermanyGlobal Founders Capitalincludingfollowby numberofcAZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFU

107、NDER.COM46#page#520venturesVERDANTM&A#page#FARMTECH EXITSs2gVenturesFood Tech M&A Insights fromWhile exit expectations waned atthe beginning oflastyear as$459 million. Globally we saw Deliveroo IPO in the UK and thethe pandemic began severallarge FoodTech companies heldWoowa Brother sell to Delivery

108、 Hero for $4.6 billion in Southsizable exitevents.Generally speaking， acquisition and publicKorea.Beyondthese digitalfood delivery platforms,thereweremarket activity were centeredaround digital platformsforfoodother select large exits， including Rockstar Energys sale todelivery.including restaurant

109、marketplacesmeal kits，andPepsico for $3.85 billion and Utz Quality Foods sale to Collieronline grocery.While several deals transacted in InnovativeCreek Holdings for 51.56 billionFoods, which includes novel ingredient and alternative foodproducts, and other generalfood product companies. thesesubsec

110、tor exits to include a higher percentage of Innovativedeals tendedto berelatively small.In many subsectors thereFood companies Midstream Technologies. and betterforyouwas more capital raising activity than exits.brands. This is caused from a confluence of contributing factorswith one factor being th

111、e amount ofcash food manufacturersLast year ended on a high note with DoorDashs landmark IPOOn opening day DoorDashs IPO priced at $102,and rose 86%have on hand after 2020. Food manufacturers had a successfultocloseat$189.51.Whilethe stock hasseen highsandlows，itsyearwith consumers shifing to athome

112、 eating，and whencoupled with murmurs of divestitures of legacy brands may leadstock price continues to grow and shows a glimpse of pent-updemand from public market investors that desire greatertoahighly acquisitive 2021and 2022.With thatsaidweveFoodTech exposure.observed delineation in valuation rat

113、ionale while some continuetoacquire forthe promise offuture growth others areWe also saw further global consolidation of Restaurantincreasingly focused on acquiring proftable companies.WeMarketplaces and food delivery.In early 2020.Just Eatacquiredexpect well seeabit of both thisyearTakeaway for $8.

114、3 billion and then the combined entitynamedJust EatTakeaway acquiredGrubhub for $7.3 billion in JuneUber continues to build its food business through theacquisitions of Postmates for $2.65 billion and Cornershop forAFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM48#page#FARMTECH EXITSSelect Fo

115、odTech Exitsl 2020*TargetTargetcountryAcquirerTechnologyEst.Price（Sm）Select InvestorsUnited KingdomSnrRstMaetplaceS8.248.24TakeawayPolandFiscoP57982Eurocash GroupeGroceyFeshyUSANestleOnineRestaurantsandMealKits51.500.00AliednvestorsGroupHighlandCapitalGrubhubUSA57,300.00JustEatTakeavayRestaurantMark

116、etplaceFairlifeUSACoca-ColaS562.92Dairy ProductsCoca-Cola,SelectMilkProducersComershopUSAUbereGrocery5459.00AccelEndeavorCatalyst CeandumDemae-canJapanNaverRestaurantMaretplace5458.23WoowaBrohersSouth KoreaDeliveryHero54.597.70RestaurantMarketplaceGoldmanSachs,GiCSequoia,StonebridgeInstaShop(Special

117、ty Relail）United ArabEmiratesDelivery HeroeGroceny5360.00JabbarnteretGroupSouqVentureFrendsBenchmarkKhosla,KleinerPerkinsTemasekUSAIPODoorDashRestaurantMarketplace532,400.97Coatue.Combinator.TRovePriceUSARocstarEnergyPepsiCoEnergyDrinkManufacturerS3,850.00USAHellofreshFacor_Online Restaurantsand Mea

118、l Kits5277.00HydePakAngels.ValorEquiyParnersPostmatesUSAUberRestaurantMarketplace52,650.00FirstMark Founders FundTigerGlobalIPODeliverooUnited KingdomRestaurantMarketplace52.532.98Vtalic HealthIndiaRelianceRetailVentures5137.70Innovative FoodIPORetyJapanRestaurantTech5121.20EightRoads,NDoComo，Mitsub

119、ishiUFJBuitoniFoodUSAFood ProductsS115.00NesteBrynwood PartnersKerwyunChinaAibabaGroupInStore Retail& RestaurantTechS114.63Baidu,CISC,CTICSecurities,Tianxing Capital0SAS1.560.00UtOualityFoodsColierCreekHoldingsFood ProductstdatafomFtchbookAZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM49#pag

120、e#FARM TECH EXITSCrop Tech M&A Insights from VERDANTDespitethe interruption of Covid-19 and resultuing slowing Consolidation among biologicals companies increased inadoption ofagtech，itwas one of the strongestyears onrecordfor M&A.Wetracked 37 completed dealsin2020，companies with proprietary formula

121、tions and provencomprisedofagronomicdata and analyticsfarmtraction Driven by consumerandpolicymakeroperations and proftability management irigation controlsustainability demands improving product efficacy:andand biologicals， US-based acquisitions represented overincreasing crop tolerance to conventi

122、onalalternatives，50%ofdeals,similarto 2019,followed byEurope（19%）biologicals are increasingly popular with farmers.andAsia-Pacific(11%）Afew othertrends to look out forin 2021:2021 predictions3 Dealactivity between tech providers in the sameConsolidation in 2021 will be driven by resourcecategory gre

123、w such as irrigation tech driven by Valmontefficiency tech and profitability optimization.and Cropx.Precision water monitoring and controlCarbon platforms and digital measurementbrings measurable cost savings to growers whilemonitoring，and marketplaces to support this sector，are more efficiently acq

124、uired than builtcombination that will lead to more strategic acquisitionsespecially by strategics and retail distributionStrongerinterestfrom private equity buyers andparticipants.continued consolidaton byag retails Non agrifood companies arecoming into thefoldsuchData collection，analytics，andmanage

125、ment playersas Telus.a Canadian telecommunications company thatswill continue consolidating niche products andservices into complete，robust solutions throughaunit.Verdant received significant inbound M&Ainterestsingle userinterface。from non agrifood groups in 2020.AZFUNDER2021AGRIFOODTECH INVESTMENT

126、 REPORTIAGFUNDER.COM50#page#FARMTECH EXITSFarm Tech M&A and Exitsl 2020TargetTarget countryAcquirerEstPriceSelect exitinvestors/ownersTechnologylsraelTemasekRivulisIrrigation Tech$365mUSAGrowers HoldingsIsraelChemicals lCL）Fam Managementsw$60mFoundaionCapialChysaixVCUSAValmont542mlrrigation TechAgSe

127、nse(49%）ChiltonInvestmentsUSADTNS12mClearAgData&AnalyticsBiotechnology&Biologicals$8.6mVerdantBioSciences(52%）SingaporeAckermans&van HaarenTellisUSAAkernaNovelFarming Systemss2m151 ResearchCanadaAGCOSensing &loTvenBioPartersArowmarkPartnersAfiniyManagementLtd.CanadaFarmManagementswAg Growth Internat

128、ional（Compass）AgbridgeUSANutrien LtdSensing &loTAGIAgIntegratedUSATELUSData&AnalyticsMPM CapitalAvalonVentures,KansasUSATELUSAgrianFarm ManagementSwBioscienceAuthorityAgrilutionGermanyMieleNovelFarningSystemsUSAAgrinosAMVACBiotechnology& BiologicalsFBNCibusCanola）CanadaBiotechnology&BiologicalsCanad

129、aCrop BossProvisionAnalyticsFam ManagementSwSACropMetricsCropXIrrigation TechUSABiotechnology&BiologicalsenEvolv.Inc.ZymergenFarmsaveAustraliaFBNAg MarketplaceAZFUNDER2021AGRIFOODTECHINVESTMENTREPORTIAGFUNDER.COM51#page#FARMTECH EXITSFarm Tech M&Aand Exitsl 2020TargetTargetcountryAcquirerTechnologyS

130、elect exitinvestors/ownersBaziGeocomKoppet BiologicalSystemsPrecision&EquipmentFarmJournalUSAAgWondGreenbookData&AnalyicsGrupoAgrotecologiaSpainRovensaBiotechnology&BiologicalsCanadaFBNHaplotechBiotechnology& BiologicalsUSAHarvestProfitFam ManagementSwDeereandCompanyUSAHydroGroTheMcGregrCompanyAdvan

131、cedBreedingUSANetlrigate LLCLindsaylrigation TechUSARobert BosthGmbHPathway BiologicPlantResponseBiotechnology&BiologicalsPlantctJapanBayerCropScienceK.K.NovelFarming SystemsUSAValmontlrigationTechPrecisionKingProbe ScheduleUSAWIburEllisCompanylrrigation TechPacificChannelTheYieldlab，BioGenerator，Ne

132、wealandxoRegenIrigationTechAlenAngelCapitalRNAgriInc。USARNAissanceAg LLC(TechAccelLLC）Biotechnology&BiologicalsSalesbeeSwitzerlandPlantix(PEATGmbH）AgMarketplaceMetamarkCapitalValagrolalyBiotechnology&BiologicalsLatitudeGPSSyngenta GroupVisio-Green AgricultureFranceSencropSensing &loTUSAWestbridgeAgi

133、culturalPrducsErberGroupBiotechnology& BiologicalseNovia&ValagroGreen ToversGmbHlalyYaxeFam MangementSweNovia&alagr(）ErgasVenturesLCAZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM52#page#Sources & MethodologyImagecourtesyofLawa#page#WHAT IS AGRIFOODTECH？What is AgriFoodTech2Agrifoodtech is t

134、he small but growing segment of the startupfoodsafetyandtraceability.farmefficiencyandprofitability，andand venture capital universe thats aiming to improve or disruptunsustainable meat production.the global food and agriculture industry.sdnHes upopooyube ezuobae ot sAeM Kugu ale alaulAs with all ind

135、ustries.technology plays a key role in thehighlighting the complexity oftheindustry.See page 16foroperation ofthe agrifood sector-a S7.8trillion industry，developed in consultation with venture capitalistsresponsible for feeding the planet and employing well over 40%ofthe global population.The pace o

136、f innovation has not kept upentrepreneurs，and otherindustry experts.digitized ofall major industriesaccording to McKinseyThe industrial agrifood sectoris also less efficientthan otherindustries with an increasing numberofdemandsandconstraints being placed on it These pressures include agrowing globa

137、l populaton: dimate change andglobalwarmingenvironmental degradation; changing consumer demandslimited natural resources food waste: consumerhealth issuesand chronic disease.NDERThe need for agrifoodtech innovation is greaterthan ever.Thiscreates many opportunities for entrepreneurs and technologist

138、sto disrupt the industry and create new efficiencies atvariouspoints in the value chain.Broadly speaking，agrifoodtech startupsareaimingtosolvethefollowing challenges:food waste,CO2 emissions chemicalresidues andrun-offdrought laborshortages，health andsugarconsumption，opaque supply chains,distributio

139、n inefficiencies，AZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM54#page#SOURCESSources & MethodologyData Sources & Curationhow they willappear 12 monthsinthe future.The adjustents（roughly +17% for overall dollar volumes and +45%for dealcounts, with more granular adjustments by stage whereint

140、elligence to helpidentify andcategorize agrifoodtech startups，appropriate）are modelled basedontrends in historicaldataour knowledge base has grown to over 29939 companieswithdatingbackto 2017.newstartups and historicaldata being added each dayWhilewearehappytoshare ourfindingswereserveallrights with

141、The raw data for our reports comes from Crunchbase，whichrespect to AgFunder research andthis report and we requireit togathers publiclyavailable information such as press releases andbefulyandaccurately citedwhen any ofthe datachars orUS Securities and Exchange Commission filingsas wellascommentary

142、are used.crowdsourcing directly from the industry.AgFunder contributesdata from its own collection methodsincluding privateUndisclosed Financingscommunications with investors and companies.We also collectOfthe2240fnancings inthis reports curateddataset 660 wereundisclosed and could not be determined

143、 through research orwe have the most comprehensiveaccurate and curated datasetdirect sources. We exclude undisdosed financings whenand knowledge base of agrifoodtech companies putingaveragesandmedian values.In somecaseswereableto confidentially obtain financing figures directly from investors onTher

144、aw data arepainstakingly curated by theAgFunder teamtothe conditiontheyre onlyindudedin aggregateensuretheyarerelevantaccurate，upto-date，andcategorizedwasKs BuIBBeKieaudod sJopunBy o BupoooeMultiple FinancingsIn some cases,Crunchbase displays multiple financings for theWe update and improve our data

145、set continuously throughout thesame company in the same year.This can be because a companycloses subsequentrounds inthe sameyearbutitcan also betheour dataset becomes more complete.To provide numbers that canresult ofseveral closes ofthe same round.We keep them separateunless they are announced as o

146、ne single roundvolumes and amounts for this year are adjusted using a model ofAZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM55#page#SOURCESSources & MethodologyCategorizationWevealso taken takenastricter stance oncannabis andCBD-relatedstartups there needs tobe dear proprietary technologyAg

147、Funders categorization system is designed to capture broadinvolved. We will not include pure consumer packaged goods orthemes across the complex agrifoodtech value chain(see page 16pure production as we wouldnt indlude pure production in anyfora list ofcategoriesl The agrifood sector has a wide supp

148、ly chainother crop.lf we believe the growing facilities are particularly highspanning inputs andindustials,farminglogistics wholesaletech or utilize proprietary technologywe will still indude it in ourdistribution processingretail distributonand the consumer.nNovel Farming Systems category. The same

149、 goes for processedmany casestechnologies such as marketplaces connect differentproducts； ifthe extraction technique is particularly innovativewellinks in thesupply chain andsointhisreportwevechosen tofocusinclude itasa Biomaterials or Midstream Tech startup.Largeon high-level themes.To assist with

150、the categorization and to avoidverticaly-integrated cannabis companiesare also exdudedsubjectivity, AgFunder first employs over 150 machine learningandartificialintelligence models to suggest category placementSpecial AcknowledgementSpecial thanks to Tim Li Elen Ehrsam andthe rest oftheplace in the

151、supply chain. Finallythe AgFunderteammanuallyCrunchbase team for their support and assistance.reviewsthe suggestions for each company.often with signifcantresearch and debate among our team.n 2019.weaddedanew categoryCloud Retail lnfrastructuretodatapoweredbynolongerfit Coud Retail lnrastructure inc

152、ludes the growingcrunchbasenumber of technologies enabling companies to provide customerswith on-demandathome dining such as ghost kitchens and lastmile delivery services including delivery robotsAZFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM56#page#SOURCESOur International Data PartnersIna

153、dditiontoourparnershipwithcrunchbaseweve partered wihseveralgroupsfrom aroundthewordtohelp uscollectmoreinternational data atthe locallevel to ensure we can present the most comprehensive data set in the industry.Our partners for the2020reportinclude Startup Nation Centralin lsrael SPVenturesin Braz

154、i Glocalin Argentina Bitsx Bitesin China，ShakeUpFactory in Europe，and Omnivore in India. Thanks also to Sofia Ramirez for her Latin America contributionsEuropeSHAKEUPFACTORYSTART-UPNATIONCENTRALIsraelChinaGlocal.IndiaSouth AmericaBITSxomnivoreBITESAFUNDER2021AGRIFOODTECH INVESTMENT REPORTIAGFUNDER.COM57#page#Are we missing your data2AFUNDERDont forget to send it to us!DataAgFor add direct ontoC南Image courrtesy ofPhylagen